Jarvis plunges after train crash

Faulty points on the track outside the station were to blame, rail officials say

LONDON, England -- Jarvis shares plunged on Monday after the UK contractor said it was responsible for maintaining the track where a train derailed north of London on Friday, killing seven people and injuring more than 70 others.

The company said one of its crews tested the track at the Potters Bar station on May 1 and carried out a visual inspection on May 9, one day before the last car of a high-speed passenger train derailed and crashed into the platform. (full story)

Initial inquiries have suggested that missing nuts in the rail switching points were the likely cause of accident.

However, Jarvis dismissed reports that suggested some of its crews did not have the necessary qualifications to properly maintain the track.

"In both cases, these tests and inspections were carried out by full-time Jarvis employees. No sub-contracted personnel were involved,'' Jarvis said in a statement released by the London Stock Exchange. "Each of the Jarvis staff involved is fully experienced and qualified and holds all requisite training certification.''

Jarvis (JRVS) shares were down about 15 percent to 424 percent in early Monday trading in London. The shares lost 4.2 percent on Friday following reports of the crash.